1. No. (as far as I know, if you can do it, great. I never have, and would not try it, it might be a waste of a good seed ) All plants usually die under normal houselights. Cannabis is no exception.

2. Simple. Get the seeds of the desired strain.

Seriously though, you cannot produce potency from bad genetics. What you are asking is basically "How can I get a Ferrari out of my pickup?" You CAN, however, get the best out of what that seed has to offer. You just gotta hope to God that that seed becomes a female. Then, have probably a 200 watt flourescent (second-lowest I've ever seen to grow, and that was to sprout clones) for problably just veg, then you might want to get a 400 watt HID for flowering. Of course, I understand if you don't want to buy all these high-wattage lamps, after all, they can blow a fuse in your house, or even blow up. You might want to find a nice, sunny spot outside to grow, and wait 'til spring to lay that seed in the dirt = )

(or, you could save up for a good light.)